Looking ahead to 2024 the imperative for companies is not just to transform but to do so swiftly and sustainably. The race to create value quickly is essential for navigating global economic uncertainties and ensuring long-term growth. Successful digital transformations require a dual focus: speed at the start and the ability to maintain momentum and embed operational changes for lasting impact.
Getting Ready for the Race
Many organizations falter at the starting blocks due to entrenched behaviors and practices that hinder rapid outcomes. Proactively identifying and addressing barriers to speed is crucial. Sprinting at the start involves turning initial bursts of digital ideas into a practical, rigorous plan within months. Quick wins generated in this phase not only excite and commit teams but also provide funds for long-term digital ambitions.
To support a rapid start, companies often turn to digital initiatives linked to the balance sheet. Enhancing working capital through optimized digital inventory management or streamlining digital invoicing processes can generate rapid returns, laying a solid foundation for further digital investments. A healthy digital balance sheet not only accelerates the transformation but also builds resilience, providing companies with strategic options during economic uncertainties.
Maintaining the Pace
While initial signs of value creation are promising, the temptation to declare victory too soon must be resisted. Organizations often fail to sustain their digital impact as performance discipline erodes after the initial digital implementation. In the second phase of digital transformation, organizations must actively seek new digital value-creation opportunities and align incentives with refreshed digital goals and commitments.
Building and Embedding Digital Capabilities
The potential for digital value creation starts diminishing from day one, emphasizing the critical role of operational digital infrastructure. Transformations losing momentum often neglect building and retaining the digital skills necessary for success. In the second phase, organizations should focus on digital capability building, ensuring that over 30 percent of employees are engaged in digital programs. This not only boosts employee digital health but also delivers better Total Shareholder Return (TSR).
Focusing on digital capabilities enables companies to maintain a rapid pace throughout the transformation. From swiftly executing digital initiatives to embedding successful digital practices for the long term, building and retaining digital skills is essential. In today's ever-changing business world, capturing untapped digital potential is not just a luxury—it's a necessity for sustained digital success.
Embrace Innovation, Embrace Growth
In the ever-evolving business landscape, innovation management platforms are not merely tools; they are catalysts for growth and transformation. By adopting Traction Technology’s innovative IMP, enterprises can unlock the potential of emerging technologies, foster a culture of innovation, and drive sustainable business success. Embrace innovation, embrace growth, and shape the future with Traction Technology Partners.
How can Traction Technology help your organization?
Traction Technology is a ground-breaking platform engineered expressly to eliminate internal innovation silos, thereby enabling enterprises to seamlessly collaborate and align their business needs with promising technologies. By providing dynamic features that promote collaboration and innovation, they aim to accelerate digital transformation in the enterprise.
Here's how Traction Technology can help:
Discovery of Relevant Startups: Traction Technology helps established companies discover relevant advanced technologies aligned with their strategic goals and innovation areas. It curates startups based on different industries, technology trends, and areas of business interest, making it easier to find potential partners or investment opportunities and share this information across the enterprise.
Collaboration and Engagement Tools: Traction Technology offers tools that help manage the engagement process with startups. It provides a structured approach to evaluating, tracking, and managing interactions with multiple startups across multiple project and pilots, improving efficiency and collaboration.
Data-Driven Insights: The platform provides data-driven insights to help make informed decisions. This includes information on startup funding, growth indicators, customers and competitors, which can help in assessing potential startup partnerships.
Innovation Pipeline Management: Traction Technology aids in managing the innovation pipeline. It helps companies capture ideas and request and track innovation projects, monitor progress, and measure results in real time, promoting a culture of continuous innovation.
Track KPIs and Generate Custom Reports: Effortlessly track Key Performance Indicators (KPIs) with real time dashboards and generate custom reports tailored to your organization's unique requirements. Stay
ahead of the curve by monitoring projects progress and engagement. ( Live DEMO )
By leveraging a platform like Traction Technology, established companies can gain a competitive edge, driving their digital transformation journey and adapting to the fast-paced business environment. It supports the integration of startup agility, innovation, and customer-centric approach into their operations, which is critical for success in the digital age.
About Traction Technology
We built Traction Technology to meet the needs of the most demanding customers, empowering individuals and teams to accelerate and help automate the discovery and evaluation of emerging technologies. Traction Technology speeds up the time to innovation at large enterprises, saving valuable time and money by accelerating revenue-producing digital transformation projects and reducing the strain on internal resources, while significantly mitigating the risk inherent in working with early-stage technologies.
Let us share some case studies and see if there is a fit based on your needs.
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For more information
● Download our brochure: How to Evaluate Enterprise Startups.
● Watch a demo of our innovation management platform and start your free trial.